- Economics
- Energy & Environment
Working Group on Economic Policy: WP15102
Abstract:
This essay argues that the focus of ecology and economics on equilibria and externalities misses the dynamic connection between humans and nature and that there is a better alternative for linking ecology with economics, one that builds on the teachings of Nobel laureates Friedrich Hayek and Ronald Coase.
Download the PDF: If Hayek and Coase Were Environmentalists: Linking Economics and Ecology